2 December 2020
Volga Gas plc
("Volga Gas", the "Company" or the "Group")
PRODUCTION REPORT FOR
NOVEMBER
2020
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to provide the following update on its average production volumes for November 20
20
.
Production Report
The
average
production
in November 20
20
was
2
,
945
barrels of oil equivalent per day (
20.0
% lower
than
October
2020). This decrease was driven by the planned four days gas processing plant maintenance and full month well 4VM shut-down pending for workover and pump's parts replacement.
Average production comprised:
|
|
N
ov 2
020
Average
|
O
ct 2
020
Average
|
Jan-N
ov
2020
Average
|
|
Gas:
|
6.1 mmcfd
|
9.1 mmcfd
|
8.5
mmcfd
|
|
Condensate
|
1,165
bpd
|
1,
442
bpd
|
1,
528
bpd
|
|
Oil
|
619
bpd
|
494 bpd
|
5
12
bpd
|
|
LPG
|
150
bpd
|
22
7 bpd
|
1
8
2
bpd
|
|
Total
|
2,945
boepd
|
3,
680 boepd
|
3
,
644
boepd
|
Production data is based preliminary on monthly production reports prepared for submissions to the tax authorities for Mineral Extraction Tax purposes. Final monthly production reports may vary marginally from preliminary monthly production reports.
As at 30
November
2020, the Group held cash balances of US$11.
2
million, and has no debt.
Pricing update
Domestic pricing for oil, condensate and LPG were improved mainly due to Urals price increase during the month. Gas price is fixed in RUR. Average pricing was:
|
Pricing ex VAT, USD
|
Nov 2020
Average
|
Oct 2020
Average
|
Jan-N
ov
2020
Average
|
|
Exchange Rate (RUR/USD)
|
7
7.
0462
|
7
7.5924
|
71
.
9697
|
|
Gas price per mcf
|
1.6
8
|
1.67
|
1.8
0
|
|
Condensate price per bbl
|
2
7
.
59
|
24.26
|
26.3
8
|
|
Oil price per bbl
|
3
4
.
11
|
3
2
.37
|
3
1
.
98
|
|
LPG price per bbl
|
60
.6
0
|
29.68
|
27.
30
|
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
For further information, please contact:
|
Volga Gas plc
|
|
|
Andrey Zozulya, Chief Executive Officer
Vadim Son, Chief Financial Officer
Tony Alves, Investor Relations Consultant
|
+7 (903) 385 9889
+7 (905) 381 4377
+44 (0)
7824 884 342
|
|
|
|
|
S.P. Angel Corporate Finance LLP
|
+44 (0)
20 3470 0470
|
|
Richard Morrison, Richard Hail, Adam Cowl
|
|
|
|
|
|
FTI Consulting
|
+44 (0)
20 3727 1000
|
|
A
lex Beagley
, Fern Duncan
|
|
Notes
The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.
The Company records production in metric tonnes (for oil and condensate) and in cubic meters (for gas). Conversions from metric to standard oil field units are used for illustrative purposes only and are based on the Company's estimate of the applicable ratios. The ratios used are 7.833 barrels per tonne for oil and 8.75 barrels per tonne for condensate and 11.735 barrels per tonne for LPG. Gas volumes are translated using 35.3 cubic feet per cubic meter and 6,000 cubic feet per barrel of oil equivalent.
Glossary
bpd Barrels per day
boepd Barrels of oil equivalent per day
mmcfd Millions of standard cubic feet per day
